HomeBusinessFintech and BlockchainHere is Facebook Pay, for payments in FB apps

Here is Facebook Pay, for payments in FB apps

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A little surprising, here’s Facebook Pay. It is the money transfer system announced by Mark Zuckerberg’s group that will be integrated into the Facebook, Messenger, Instagram and WhatsApp apps. It will be used for purchases on the social network (tickets for shows, games, etc.), within the Marketplace, to exchange money between users and to make donations through the fundraising formula.

Facebook Pay for payments

You will be able to access the Facebook Pay configuration from the Settings areas of the apps. Curiously, some of the realities that can now be called project partners are the same ones that in recent weeks have distanced themselves from the initiative linked to Libra, the cryptocurrency proposed by the Menlo Park group and which is meeting several obstacles on the way to the debut.

In this regard, here is what the presentation post specifies.

Facebook Pay is built on the basis of existing infrastructure and financial partnerships, separately from the Calibra wallet that will work on Libra’s network.

The company promises a special focus on safety, a prerequisite considering the nature of the service. Success will also depend on how the solution compares to the competition, which is certainly not lacking, we cite Google Pay and Apple Pay just to give two examples. These are the words of Deborah Liu, Vice President of Marketplace and Commerce.

Facebook Pay is part of our ongoing work aimed at making commerce more convenient, accessible and safe for people through our apps.

At the moment the Facebook Pay rollout only affects the United States, with the arrival in the Facebook and Messenger applications expected within the week. As written at the beginning, later it will also be integrated into Instagram and WhatsApp, reaching other territories.

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